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Cardano creator bets on Bitcoin as ADA reaches Everest first
Gamza Khanzadaev
Cardano Founder Charles Hoskinson Highlights ADA’s Previous Summit of Everest, Targeting Bitcoin
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Charles Hoskinsonthe founder of Cardan (ADA), recently pointed out that Cardano was the first cryptocurrency to make its mark on Mount Everest. This revelation came in response to a post claiming that the ADA blockchain had reached the top in 2022, following Michael Saylor’s recent photo showing a Bitcoin flag atop the world’s tallest peak.
Michael Saylor, founder of MicroStrategy and a prominent Bitcoin advocate, posted a photo showing a climber handing over a Bitcoin flag at the summit of Mount Everest. This gesture was intended to highlight Bitcoin’s global reach and dominance.
However, a subsequent post revealed that Cardano had already achieved this milestone two years earlier. Charles Hoskinson responded to the post by ironically underlining the advantage of Cardan compared to Bitcoin, particularly in terms of settlement times.
What’s the problem?
Settlement time in the blockchain refers to the length of time it takes for a transaction to be confirmed and permanently recorded in the blockchain ledger. This is critical for users and businesses that rely on cryptocurrencies for fast and efficient transactions.
Cardano’s blockchain architecture is designed to process transactions faster and at a lower cost than Bitcoin.
Bitcoin, despite its market dominance, often comes under criticism for slower transaction speeds and higher fees, attributed to its proof-of-work consensus mechanism. In contrast, Cardano uses a proof-of-stake mechanism. This approach not only reduces the time needed to settle transactions, but also minimizes energy consumption.
About the author
Gamza Khanzadaev
Financial analyst, trader and cryptocurrency enthusiast.
Gamza graduated in Finance and Credit with a specialization in securities and financial derivatives. He then obtained a master’s degree in banking and asset management.
He wants to help cover economic and fintech topics, as well as educate more people about cryptocurrencies and blockchain.